We’ve Recovered N1.65b Agric Loans in Cross River- CBN 

State Correspondent

The Central Bank of Nigeria (CBN) has said it has recovered almost N1.65 billion from farmers who benefited from its loans under the Agricultural Credit Guarantee Scheme Fund (ACGSF), which was established to help the agricultural sector. The development was disclosed by the Chairman, ACGSF Board, Mr Peter Stephen Okon, at a stakeholders’ meeting held on Thursday in Calabar, where awards of honour, including cash and certificates, were given to the best farmer and best participating financial institution (PFI) of the year 2021 under the ACGSF. Giving a breakdown of the CBN’s agricultural loan recovery programme, Okon said about 10,635 loans worth N1.65 billion were redeemed state under the initiative. “These records speak volumes of the level of commitment of the officers in the state as well as the determination of the farmers to utilize the opportunities offered by the scheme to empower themselves and improve their lot. We do hope that before long, farmers in your state will enjoy the benefits of the new Amended Act,” Okon said.

Furthermore, the board chairman noted that from the inception of the programme till February 2022, a total of 1,224,795 loans worth N129.084 billion were guaranteed. “This brought the total guaranteed loans in Cross River State from the inception of the scheme in 1978 to February 2022 to 18,406, valued at N2.305 billion. “Under the new ACGSF Amendment Act 2019 the maximum for the non-collateralized loan has increased from N20,000 to N100,000 and maximum for the collateralized loan from N10 million to N50 million,” Okon added.

Meanwhile, the branch controller of the Central Bank of Nigeria (CBN) in Calabar, Mrs Glory Iniuanam, called on banks, state officials, and other relevant agencies to continue assisting farmers through credit delivery and advisory services so that they can maximise their agricultural potential.

(AGRO NIGERIA)